Singapore Bunker Fuel Market Analysis Report 2022: Changes in Crude Oil Prices Cause Shipowners to Purchase Huge Quantities of Bunker Fuel for Storage and Use

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Nov 22, 2022, 13:00 ET

DUBLIN, Nov. 22, 2022 /PRNewswire/ -- The "Singapore Bunker Fuel Market By Type (High Sulfur Fuel Oil, Low Sulfur Fuel Oil, Marine Gas Oil, and Others), By Commercial Distributor (Oil Majors, Large Independent, and Small Independent), By Application, By Region, Competition, Forecast & Opportunities, 2027" report has been added to ResearchAndMarkets.com's offering.

Singapore bunker fuel market is anticipated to witness a growth of steady CAGR in the forecast period, 2023-2027

The market growth can be attributed to the rise in maritime trade activities and increased oil & gas exploration activities in offshore sites. Besides, new regulations by the International Maritime Organization (IMO) on sulfur content in marine fuel and offshore oil and gas developments are expected to boost the demand for the Singapore bunker fuel market for the next five years.

The International Maritime Organization (IMO) has adopted a new global sulfur quota of 0.5% on fuel composition, which is lower than the previous limit of 3.5% . The increased release of hazardous pollutants from the ship has a negative influence on the environment.

Strict sulfur limitations have compelled shipowners and operators to use bunker fuel that complies with IMO requirements. This allows industry participants to engage in low-sulfur fuel production to meet the expanding market demand. Growing worldwide maritime trade operations prompt top authorities to advocate for expanding sea trade channels. Furthermore, the changes in crude oil prices cause shipowners to purchase huge quantities of bunker fuel for storage and use.

China levies consumer and value-added taxes on bunker fuel purchases, prompting blenders to import the majority of their fuel needs from Malaysia and Singapore. As a result, the increase in companies selling bunker fuel with low sulfur content and expanding fuel requirements from the maritime industry are some factors likely to boost demand for Singapore bunker fuel throughout the forecast period.

Growing concern among top authorities about releasing greenhouse gases into the environment is hastening the adoption of clean bunker fuel by maritime market participants. Key firms are investing in technology advancements and using sophisticated solutions and digitization to boost oil productivity and offshore oil and gas exploration to stay competitive.

The rising demand for clean energy fuels by maritime industry participants and unconventional oil and gas exploration and production operations are likely to drive expansion in the Singapore bunker fuel market over the forecast period.

The low sulfur fuel oil is expected to dominate the market during the forecast period, owing to the imposition of strict sulfur regulations.

Objective of the Study:

To analyze the historical growth in the market size of the Singapore bunker fuel market from 2017 to 2021.
To estimate and forecast the market size of Singapore bunker fuel market from 2022 to 2027 and growth rate until 2027.
To classify and forecast the Singapore bunker fuel market based on type, commercial distributor, application, region, and company.
To identify the dominant region or segment in the Singapore bunker fuel market.
To identify drivers and challenges for the Singapore bunker fuel market.
To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in the Singapore bunker fuel market.
To identify and analyze the profiles of leading players operating in the Singapore bunker fuel market.
To identify key sustainable strategies adopted by market players in Singapore bunker fuel market.